Just Bought a Home in Rhode Island? Here’s What to Expect Next!

Congratulations! You’ve just bought a home in Rhode Island, whether in Warwick, Providence, or another beautiful area of the state. While closing on your home is a major milestone, there are still important steps to take to ensure a smooth transition into homeownership. Here’s what happens after buying a home in RI.

1. Secure Your Home and Utilities

The first thing you’ll want to do after closing is to set up essential services and secure your new home.

• Change the locks and security codes for added safety.

• Set up utility accounts for electricity, water, gas, internet, and trash collection.

• Update your address with USPS, banks, insurance providers, and subscriptions.

Tip: Contact utility companies before closing to ensure a seamless transition of services.

2. Understand Your Mortgage Payments

Your first mortgage payment will be due the month after closing. Make sure you:

• Know the payment schedule and amount.

• Set up automatic payments to avoid late fees.

• Understand what portion goes toward principal, interest, taxes, and insurance.

Tip: Keep an emergency fund for unexpected home expenses.

3. Review Your Homeowners Insurance

Homeowners insurance protects your investment, so ensure your policy covers:

• The home’s structure and any potential damages.

• Liability coverage in case of accidents on your property.

• Additional riders for flood or earthquake coverage if needed.

Tip: Shop around for insurance providers to ensure you’re getting the best rate.

4. Plan for Property Taxes

Property taxes are a major component of homeownership costs. Rhode Island property tax rates vary by town, so:

• Understand how much you owe and when payments are due.

• Check if your mortgage lender handles tax payments through escrow.

• Look into potential tax exemptions, such as Rhode Island’s homestead exemption.

Tip: Reach out to your local tax assessor’s office for accurate tax information.

5. Create a Home Maintenance Plan

Routine maintenance helps prevent costly repairs down the road. Key tasks include:

• Scheduling HVAC servicing before each season.

• Cleaning gutters and inspecting the roof.

• Testing smoke detectors and carbon monoxide alarms.

• Developing a long-term maintenance budget.

Tip: Keep a home maintenance checklist to stay organized year-round.

6. Get to Know Your Neighborhood

Building relationships in your new community makes homeownership more enjoyable. Try:

• Attending local events and community meetings.

• Visiting nearby parks, restaurants, and shopping centers.

• Introducing yourself to neighbors and joining social media groups for local updates.

Tip: Rhode Island has a strong sense of community—engaging with your neighbors can help you feel at home faster.

7. Review and Update Your Estate Plan

Now that you own a significant asset, it’s important to update your estate plan:

• Update your will to include your new property.

• Review beneficiary designations on insurance policies.

• Consider setting up a trust to manage your assets.

Tip: Consult a legal professional to ensure your estate plan aligns with your homeownership goals.

8. Prepare for Future Home Improvements

While your home may be move-in ready, future upgrades can enhance its value. Consider:

• Budgeting for renovations, such as kitchen or bathroom updates.

• Researching local contractors and permitting requirements.

• Making energy-efficient improvements to lower utility costs.

Tip: Track all home improvements as they may increase your property’s resale value.

Why Work with the Slocum Home Team?

Navigating homeownership after buying a home in Rhode Island is easier with expert support. The Slocum Home Team, led by Nick Slocum, is here to help you every step of the way. From understanding taxes to finding reliable contractors, we provide the guidance you need to enjoy your new home with confidence.

Call to Action

Just bought a home in Rhode Island? The Slocum Home Team is here to assist with all your homeownership questions. Contact Nick Slocum or one of our experienced agents today!